Scotland’s vast deficit gives nationalists another dose of reality

Happy GERS day everyone! For the uninitiated, the publication of the Government Expenditure and Revenue Scotland figures has become one of Scotland’s most-cherished annual political bunfights. It is a kind of Caledonian Festivus, during which certain rites must be observed. Some people enjoy the Festivus Miracles, others relish the Festivus Feats of Strength and magical thinking but everyone agrees that the true meaning of Festivus – and GERS – is only truly made apparent during the traditional and joyous Airing of Grievances.

Today, happily, will be no exception. the latest GERS figures show some improvement in Scotland’s financial position. The deficit run by Scotland last year only amounted to £13.3 billion, slightly better than the £14.5 billion run the year before. Even so, whereas the UK’s budget deficit amounted to 2.4 per cent of GDP, Scotland’s deficit remains approximately 8.3 per cent of its GDP. Better than last year but still, you know, not very good.

Despite this, we can look forward to the spectacle of politicians who once told us GERS confirmed that an independent Scotland would be wealthier than the UK it left behind reversing their ferrets to declare that, actually, GERS is just an incomplete and inadequate snapshot of Scotland’s true fiscal position.